Recent gifts of more than $7 million will help fund the renovation and expansion of Moody Coliseum at Southern Methodist University.

SMU held an event called Tip-Off at Moody on Wednesday to recognize the donors and celebrate a new era for SMU athletics and Moody Coliseum.

“The generous support for the Moody Coliseum renovation and expansion and the Mustang basketball program signals a new era for SMU athletics,” said SMU President R. Gerald Turner. “These enhancements will strengthen the Moody Coliseum experience for student-athletes and fans as well as the many community members who visit the coliseum for a host of events.”

Construction has begun on the first phase of the $47 million project, which will revitalize and expand Moody Coliseum with an addition that includes event space, conference and training rooms, locker rooms and catering facilities. The entry lobby and concourses will be renovated, and there will be new seating throughout the arena.

The coliseum will close in March and reopen in December 2013.

For nearly 50 years, Moody has welcomed speakers, games and community events.

Each May, the coliseum is the site for SMU’s commencement ceremonies as well as graduation ceremonies for thousands of area high school students.

Former Presidents Richard Nixon, Gerald Ford, George H.W. Bush and George W. Bush all spoke there, as well as poet T.S. Eliot. The United Methodist Church held installment ceremonies for bishops, and Highland Park United Methodist Church held Easter services there.

The coliseum has hosted rock bands including the Rolling Stones, Three Dog Night, the Grateful Dead, Queen, U2 and Pearl Jam. Dallas’ first professional basketball team, the Chaparrals, competed at Moody, and it also has hosted Virginia Slims and WCT professional tennis tournaments. Moody has housed cheerleading, basketball and volleyball camps, Boy Scout conferences and fundraising dance marathons.

In April 2012, the Moody Foundation made the lead gift of $20 million to the renovation and expansion of coliseum, followed by David B. and Carolyn Lacy Miller, who gave $10 million.

At the Tip-Off event, SMU also recognized gifts to its Basketball Circle of Champions totaling more than $2 million. These SMU alumni leaders are committed to returning SMU’s basketball program to the forefront of the sport. Their support allows SMU to provide the best coaching staff and programs for student-athletes.

New $1 million donors to the Basketball Circle of Champions are Penny and Paul B. Loyd Jr. and David and Carolyn Lacy Miller.